Flash Report June 2017

Investor focus shifted to monetary policy late in the month as several central banks signaled reversals in long-standing policies to lower interest rates and increase system-wide liquidity. Not surprisingly, global equities and bonds fell sharply as cash markets prepared for rising yields. Backed by nine years of stimulative support, global growth continues to improve. Nonetheless, with central banks signaling the end of an era, investors will nervously attend to current business and debt cycles looking for signs of economic and market downturns.